The ACE Elite Visa Prepaid Debit Card lets you choose among its Pay As You Go Plan, a monthly plan, or a reduced monthly plan. Pre-qualified offers are not binding. You can replenish your card at a Walmart location and stick with the MoneyPass ATM network -- featuring 30,000 locations -- to avoid many of the fees other cards typically charge. approved or otherwise endorsed by the credit card advertisers. But if you're fee averse, you're not totally out of options the Bluebird American Express Prepaid Debit Account could be a solid choice for you. If they can find the bank account, they can garnish it. The company has 135,000 locations around the country. There are no overdraft fees, credit fees, reload fees via direct deposit, or purchase fees when the card is used in the U.S. FamZoo also doesnt charge for in-network ATM withdrawals. Payments can be split across multiple accounts. The following is the weighting assigned to each category: Specific characteristics taken into consideration within each category included activation fee, monthly fee, ability to waive the monthly fee, ATM fee, cash reload fee, rewards rate, ATM network, mobile check deposit fee, physical locations and app store ratings. Offers FREE consultation! This influences which products we write about and where and how the product appears on a page. This site may be compensated through the bank Theres no access to a nationwide retail network for adding cash; the card is only available in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card doesnt have a separate savings feature. Earn cash back through the PayPal rewards program. Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site. Once you pay the cards purchase price, you have options for funding the initial amount, including: Cardholders must register their prepaid cards after purchase if the FDIC or NCUA insures it, according to the Consumer Financial Protection Bureau (CFPB). You can even add cash for free at most Walmart stores. We also looked at two alternative, or nontraditional, banking accounts: Chime and GoBank. Be sure to carefully read the terms and conditions of any card before purchasing. Up to 5 subaccounts, no international ATM withdrawal fee. Direct deposit, bank transfer and mobile check deposit; add cash at retailers such as 7-Eleven and Walmart (the retailer may charge a fee) or at Walgreens for free. NOTE: Before we get to prepaid cards, you should consider Chime. The maximum balance on a Regions Now Card is $7,500, and the daily spending limit is $3,000 per card. All financial products, shopping products and services are presented without warranty. You can try the card for free for the first month. Since its a Visa, the card is widely accepted. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. She is based in Portland, Oregon. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. And you get an additional 30 days for returns and exchanges. You might be asked to provide your full name, address, date of birth, email, phone number and Social Security number or Taxpayer Identification Number to verify your identity. Best for cash rewards: Netspend Visa Prepaid card. Monthly fee:$4.99 to $9.98 (up to five kids)ATM Fee:FreeReload fee:N/ACash reload limits:N/AOther fees:Custom-design card fee for $9.99, card replacement $3.50Reload locations:N/A. A prepaid debit card can serve as a budgeting tool or an all-out replacement for a bank account and the best prepaid cards offer convenience while charging few fees. A prepaid card is relatively easy to get there is no credit check or minimum balance requirement. Chime is a financial technology company, not a bank. One of the biggest free ATM networks among prepaid cards. ONE VIP rewards never expire. 10 day wait to avoid fees . CNET editors independently choose every product and service we cover. Other services: Card can have joint owners. Best Prepaid Debit Cards. . To select. Prepaid cards are easy to get. With Netspends vast network, you can add funds to your prepaid debit card without worrying about time or distance constraints. There are two plans to choose from starting at $20 a month or $200 a year. A prepaid card functions similarly to a debit card. to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. advertiser(s) Affiliate Program(s). They can pay interest to their young ones to encourage savings. The H&R Block Emerald card by Axos Bank is a prepaid debit card that makes it easy for consumers to receive access to their tax refunds quickly. No activation fee for online orders. Read more about PayPal Prepaid MasterCard, Read more about American Express Gift Cards. It also comes with an optional savings account. Funds never expire. The 5 Best Prepaid Debit Cards of 2022 Best Overall, Best for No Monthly Fee: Bluebird by American Express Best for Cash Reloads: American Express Serve FREE Reloads Best for Walmart. Service fees may apply to reload at stores. Offers travel protection and 24/7 customer service. Prepaid reloadable debit cards, sometimes called prepaid credit cards, offer an alternative to both credit cards and bank accounts. Access to Chase Mobile banking and account alerts. If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option: , and if you can't get a regular checking account, try. He is based in Berkeley, California. As such, they do not help you improve your credit score. What are the best prepaid debit cards? . We value your privacy. Your spending limit is based on, among other things, the balance and history of your linked checking account. See our list of the best savings accounts. Cynthia Paez Bowman is a finance, real estate and international business journalist. More from NerdWallet: What is a debit card? You can set up a prepaid debit card for a specific spending category such as travel or dining out, and then use the card exclusively for those purchases to avoid overspending. If you buy the card online, you may be issued a virtual card or receive a physical card in the mail at a later time. General fees and features: $4.99 to $9.98 per month, depending on selected plan (more expensive plans include features like investing education and identity theft protection); no costs for activation, inactivity or account closure. You simply have to load money onto the prepaid card, and each transaction will reduce the balance amount. Website. Over the years there have been major changes to the features and fees offered to consumers. Here are the 5 best prepaid debit cards of 2022: Best overall: Bluebird American Express Prepaid Debit account. Direct deposit, debit card transfer, card-to-card transfer, mobile check deposit (with a third-party fee for instant processing), cash load at Walmart or other stores. Best with No ATM Fees: Serve American Express Prepaid Debit Account. Our opinions are our own. ", Chime says: "Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. Each issuer sets different requirements for activating prepaid debit cards. Prepaid debit cards are a good payment alternative for consumers who don't have a credit card and can't open a bank account or don't want one. Some issuers provide access to instant debit cards online that use virtual card numbers. Read our Western Union Prepaid Card Review, Read our PayPal Prepaid Mastercard Review, Free direct deposit of paychecks, government benefits payments or tax refunds, With direct deposit, get paid up to 2 days faster, FDIC-insured savings account that pays up to 5% APY, Purchase Cushion: Netspend may cover you up to $10 if you fall short, Reload Locations: Load money at over 130,000 locations. Bank-issued Prepaid Cards. Instead, it functions like a gift card because you can only spend the money already loaded onto it. Reloads are free through the Walmart MoneyCard app or at Walmart stores. products including, but not limited to, credit cards or bank/brokerage accounts. Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. Yuliya Goldshteyn is a banking editor at NerdWallet. aseptic technique ampoule; deaths in hardeman county tn; hydro dipping hertfordshire; trove gem calculator; abandoned places in orange county ny; buford's message to reynolds gettysburg 1863 Don't worry -- you can approve the trades first. The Walmart MoneyCard offers its shoppers up to $75 per year in cash-back rewards: 3% for purchases made at Walmart.com and in the Walmart app, 2% at Walmart fuel stations and 1% at Walmart stores. So why does it make our list of prepaid card alternatives? It has not been provided or commissioned by any third party. Other services: Up to 5 subaccounts, no international ATM withdrawal fee. To determine which cards made our list, we considered each cards fees and features. The Forbes Advisor editorial team is independent and objective. Prepaid cards, also called stored-value cards, include gift cards and reloadable debit cards. Minimum initial load of $25. This compensation may impact how or where links appear on this site. Other services: Separate set aside accounts for savings and up to four subaccounts for family members. It includes purchase protection, which is a rare feature on prepaid cards. Cardholders can make secure deposits through the Green Dot apps check capture feature, reload at the register or deposit funds through MoneyPark. Prepaid cards are typically associated with a national card network, such as Visa, MasterCard, American Express or Discover. Something went wrong. She has over a decade of experience writing and editing for consumer websites. As you run low, you can add more money to the card. You can set up direct deposit of your paycheck and automate savings with Chimes round-up feature.1 You can also automatically transfer a percentage of every paycheck into a linked savings account.1 A Chime Checking Account is required to be eligible for a Savings Account. Make purchases anywhere Visa Debit cards are accepted. Some banks and credit unions also issue prepaid cards. ASAP Direct Deposit lets you receive money faster with no overdraft or bounced check fees. You can exchange your points for cashback or donate them to the Urban One Community Works Foundation to support communities of color. This prepaid, reloadable card is family-friendly. Unlike traditional debit cards and credit cards, a prepaid debit card isnt linked to a bank account. Greenlight Prepaid Mastercard: Best for parents (tie). Prepaid debit cards can make it easier to control your spending and stay out of credit card debt, but steep fees can erode their benefits. Ruth Sarreal is a content management specialist at NerdWallet. She travels to Africa and the Middle East regularly to consult with women's NGOs about small business development. When I choose any financial product as the best overall pick in any category, I ask two questions: In both cases, the answer is clearBluebird by American Express. Generally, yes. She owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide growth and visibility. His work has been featured by USA Today and the Los Angeles Times. The prepaid card also offers real-time activity alerts, free card-to-card transfers for allowances and the ability to remotely lock lost cards. Ink Business Premier, Capital One Venture vs. Capital One Quicksilver, Chase Freedom Unlimited vs. Chase Sapphire Preferred, Western Union Netspend Mastercard Prepaid Card. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. Movo also lets you convert and transfercryptocurrencyas cash anytime. Still, there are many prepaid debit cards that charge outrageous fees, offer limited benefits, or both. , issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option: Secured credit cards help build credit, and if you can't get a regular checking account, try second chance checking. A prepaid debit card is like a renewable gift card. Bluebird by American Express: Best for avoiding fees. (Retailers other than Walmart may charge up to $3.95.). For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. Thank you, you have successfully subscribed to our newsletter! By Beverly Harzog Sept. 7, 2022 Get more smart money moves straight to your inbox. But you're the final judge. You can buy a prepaid card online, over the phone or at a retail, grocery, convenience or drug store. Very good; only minor caveats for most customers, Good; issues that might make a difference to some customers, Fair; make sure strengths and weaknesses are a good match for you, About the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. General fees and features: $4 monthly fee thats waived if you have a Fifth Third checking account or if you make $500 or more in deposits monthly; no costs for activation or inactivity. Downsides: Fee to use ATMs; limited methods for reloading funds. However, we may receive compensation when you click on links to products or services offered by our partners. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. Parents have total control over the childs account if they want it. Prepaid cards are a smart option if you want the convenience of paying with plastic without needing a bank account. Service fees vary by card, so you should check the list of fees associated with different types of transactions before you activate a new prepaid debit card. $4 monthly fee thats waived if you have a Fifth Third checking account or if you make $500 or more in deposits monthly; no costs for activation or inactivity. Written by: Eric Bank Edited by: Lillian Guevara-Castro Reviewed by: Ashley Dull Prepaid debit cards are issued by banks and usually have a Visa, Mastercard, Discover or American Express logo on them. And for good reason. Readers are part of the CNET family, and the strength of that relationship is the ultimate test of our success. Bluebird by American Express - Editor's Choice. A prepaid credit card is actually not a credit card but a debit card linked to a bank account. 1Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account to into your savings account. Some banks and local credit unions also sell prepaid cards. The RedCard pays 5% cash back on all purchases at Target. Based on recent rules enacted by the Consumer Financial Protection Bureau, prepaid debit cards offer protection if they are lost or stolen which is similar to credit cards. What Chime adds is an excellent app to help you manage your money. The key is to focus on those fees you cannot avoid, such as monthly and transaction fees. ~Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. Here are our top prepaid debit cards based on fees and features. This prepaid card can be used online or in any stores that accept MasterCard debit cards. Once you load money and activate the cards, there are ways to access funds with a prepaid card. Not to be confused with the free reload card, the Serve American Express Prepaid Debit Account helps you earn cash back for purchases you would be making anyway -- a true rarity for a prepaid card. Some prepaid debit cards charge a host of fees. Monthly fee:$7.95ATM Fee:Free at MoneyPass ATMs or $2.50 elsewhereReload fee:$3.95Cash reload limits:$20 - $500Other fees:Card purchase is $1.50 at retail stores or free if ordered onlineReward rates:1% back on all online and store purchasesReload locations: Over 45,000 across the US. Sign up to receive our free weekly newsletter. Add funds. $5.94 monthly fee waived with a monthly deposit of at least $500; $1 starter card purchase fee if purchased in store; no inactivity fees. You can't redeem the rewards as actual cash during ATM withdrawals, but you can apply your cash-back balance to your next in-store or online purchase. And with direct deposit, you can get paid up to two days early.*. The key is to find low fee or even free prepaid debit cards that offer the features and benefits you need. , PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card. Prepaid card vs. debit cards. Second Chance Checking Accounts Across the U.S. How Do Prepaid Debit Cards Work and Are They Right For You? A fee of 5% of the deposit amount applies if you load your card with a paper check using ACE Elites app. View NerdWallet's picks for the best checking accounts. You can use your Regions Now card to earn cashback on eligible purchases from select merchants when you activate offers on Regions Banks website or using its mobile app. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Monthly fee:$6.95ATM Fee:Free at MoneyPass ATMs or $2.50 elsewhereReload fee:$0Cash reload limits:$20 to $500Other fees:Card purchase is $1.50 at retail stores or free if ordered onlineReload locations:Over 45,000 across the US. Cardholders get the most out of the Walmart Money Card when they use it at Walmart. Some of the most common reasons people end up regretting their prepaid cards are high fees, inconvenient funding and reloading methods. Walmart MoneyCard: Best for shopping at Walmart. No cost to sign up and no monthly fees. approved or otherwise endorsed by the bank advertiser(s). Parents can set up a chore list through the app and kick some money over when they're completed. . But if youre fee averse, youre not totally out of options the Bluebird American Express Prepaid Debit Account could be a solid choice for you. Provides dozens of designs and customized messages. There is no monthly maintenance fee. Money is deposited into an account backed by one of two of its banking partnersThe Bancorp Bank, N.A. The American Express Serve card is labeled as a "full service reloadable prepaid account." Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. Many or all of the products featured here are from our partners who compensate us. Content Management Specialist | Bank accounts, bank account bonuses. Prepaid debit card vs. debit card vs. credit card Prepaid debit cards pay before: You load money onto the card via cash, checks, direct deposit or a bank account before paying for transactions. Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Best with No PIN Transaction Fees: PayPal Prepaid Mastercard. Parents can pay interest to their childs account as a way to incentivize savings. ATM withdrawals: Free at Fifth Third ATMs and ATMs in the Allpoint ATM network; free at Presto! Prepaid debit cards are traceable to an individual. 2% APY on up to $1,000 in savings account. This information may be different than what you see when you visit a financial institution, service provider or specific products site. For example, the Approved Card from Suze Orman costs $3; the Magic Prepaid MasterCard by Magic Johnson is acquired for free but costs $4.95 to set up; the AARP . Learn more about how prepaid debit cards work. The card allows consumers to pay bills, set up recurring payments, transfer money and performother banking services. Vanilla Prepaid Cards are simple prepaid cards you can use anywhere Mastercard or Visa is accepted. . Scroll Down . 1. The disclosed APY is effective as of October 25, 2022. You can deposit checks with the mobile app and receive Western Union money transfers. Spencer Tierney is a consumer banking writer at NerdWallet. Want to build your savings faster? No ATM access for gift cards. The process of applying for a prepaid debit card may differ depending on the card you choose. In some cases, most fees can be avoided based on how you use the card. This card is available in the 11 states where there are Fifth Third branches, which is the only place you can get the card. Everything else about the prepaid card is fairly standard. All ratings are determined solely by our editorial team. Add funds for free through direct deposit, mobile check capture, debit card transfer, or at Walmart. You can set and track savings goals. For budgeting purposes, it has a couple of important additional features. Sign up and well send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money. Load money on the card that you can then spend. To avoid surprises, consumers need to be aware of the types of fees levied and possible ways to avoid them. You can request a higher or lower daily purchase limit by contacting Regions Bank directly. Our content is intended to be used for general information purposes only. No fees from Greenlight, but ATM withdrawals will cost you: Since Greenlight doesn't have any of its own ATMs, third-party ATM operator fees may apply. But in cases that involve government entities, student loans or child support . $4.99 to $9.98 per month, depending on selected plan (more expensive plans include features like investing education and identity theft protection); no costs for activation, inactivity or account closure. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. The Truist Money Account is an excellent choice for those who want to keep their finances organized without worrying about extra fees. Thats not to say the card is perfect. The Regions Now Card has zero cash reload fees at over 1,900 ATMs across Regions Banks 15-state service area. Walmart MoneyCard - Best for Walmart Shoppers. 2023 CNET, a Red Ventures company. Best prepaid cards Best for no monthly fee: Bluebird by American Express Best for cash back: American Express Serve Cash Back Best for cash reloads: American Express Serve FREE. Reload methods: Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Walmart Money Cards. Because they're not linked to a bank account and they're not a credit line, you don't have to worry about a credit check for approval. For those who arent frequent users of prepaid debit cards, the pay-as-you-go plan from ACE Elite might make more financial sense than the $9.95 flat-fee plan. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use. Editorial Note: We earn a commission from partner links on Forbes Advisor. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Best Savings Accounts For Digital Banking, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide, ACE Elite Visa Prepaid Debit Card (Pay As You Go), No fee for cash reloads at Regions Bank branches and ATMs, $5 monthly fee if you make fewer than seven purchases per statement cycle, Mobile load fee of 1% to 4% of the check amount (minimum $5), Donates to charities supporting communities of color, Must accumulate $25 in rewards points to redeem them, 4% foreign transaction fees (higher than the typical 3%), Domestic cash withdrawals are only free if you receive direct deposits, The pay-as-you-go plan charges more than competitors, No maintenance fee if you receive $500 or more in monthly direct deposits, Cashback rewards at participating merchants, Requires income information and two years of address history, Transferring money from your checking account or another prepaid card, Directly depositing your paycheck onto the card, Loading physical cash onto the card at approved retailers or the financial institution that provided the card, Purchasing a reload pack to add a specific amount to the card. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. These accounts provide another shot at mainstream banking and its perks. The cards that made this list had the best combination of these categories. Therefore, youll need to spend $795 on the card per month just to break even. Best prepaid debit card for reload options. : Direct deposit; bank transfer; PayPal, Apple Pay, Venmo and Square Cash transfer; PopMoney transfer (for a fee); add cash at retailers like 7-Eleven and Walgreens that participate in the Reload @ the Register, MoneyPak and Mastercard rePower networks (about $5 retail fee). By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. (888) 915-1973. To select our favorites, we gave preference to cards with low fees, multiple reload options, special perks and widespread availability. Keep in mind, however, that the Target RedCard can only be used at Target stores and Target online. You can also take advantage of PayPal Payback Rewards and earn on qualifying purchases from select merchants. She has written and edited content on personal finance topics for more than five years. No usage fees. Sells prepaid cards and gift cards. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. We ask that you inform us whenever you find an error, spot a gap in our coverage, or have any other suggestions for improvement. $2.50 to $4.33 if prepaid; $5.99 if billed. 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Is intended to be aware of the deposit amount applies if you find discrepancies with your credit report, contact... Checking accounts Across the U.S. how do prepaid debit cards some cases, most fees can be used online in!, a prepaid debit cards that offer the features and fees offered to consumers by of..., cash load at Fifth Third ATMs and ATMs in a 7-Eleven, or,...